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Maryland Governor Outlines 9-Point Strategy for $1.1B Bioscience Initiative

June 18, 2008

Gov. Martin O’Malley announced this week a proposal to build Maryland's reputation as a global leader in biosciences with a $1.1 billion investment.
Similar to the recently enacted Massachusetts Life Sciences bill (see this week’s issue of the Digest), the Bio 2020 Initiative is a long-term strategy requiring legislative approval that invests in start-up companies and increases funding for R&D. Gov. O’Malley hopes to leverage $6.3 billion in private and federal investments and create thousands of new jobs, according to a press release.
Speaking to a group of higher education leaders and investors at the Johns Hopkins University of Medicine, Gov. O’Malley outlined the nine major components of the Bio 2020 Initiative:

  • Creating the Maryland Biotechnology Center to serve as a “one stop shop” to promote and support biotechnology innovation and entrepreneurship;
  • Doubling the biotech investment tax credit in the coming year and doubling it again within the next five years, resulting in an increase of $24 million;
  • Increasing incubator space by 50 percent and investing $60 million over 10 years to leverage $120 million in private and federal funding;
  • Investing $300 million in capital projects for life sciences facilities, including the Science and Technology Park and East Baltimore Development Initiative;
  • Expanding efforts to assist with intellectual property valuation and protection services;
  • Dedicating $20 million per year for stem cell research;
  • Offering more grants and faculty attraction resources for investments in nanotechnology;
  • Strengthening the Maryland Technology Transfer Fund through increased technology transfer resources; and,
  • Increasing public investment by $152 million for the Maryland Venture Fund to provide funding to start-up companies and equity investments in established companies.  

With several members of the Life Sciences Advisory Board on hand for the announcement, the governor announced that the board will work with the administration to refine the initiatives and build upon the progress made in the bioscience industry over the last 16 months.
View Gov. O’Malley’s speech at: http://www.governor.maryland.gov/speeches/080616.asp